11:20 AM EDT, 06/16/2025 (MT Newswires) -- (Updates with Victoria's Secret spokesperson statement in the penultimate paragraph.)

Victoria's Secret (VSCO) shareholder Barington Capital Group urged the company to "refresh" its board and cancel a shareholder rights plan as part of its proposed action plan for Victoria's Secret to "regain its footing."

Barington Capital Group issued a letter Monday to Victoria's Secret Chairman Donna James, highlighting the company's deteriorating performance since its spin-off from L Brands and public listing in 2021. According to the activist investor, Victoria's Secret has lost over $2.4 billion in shareholder value since 2021 and has "meaningfully underperformed" against its peers.

As part of its proposed action plan, Barington Capital urged Victoria's Secret to streamline its operating model, refocus on core products, and accelerate growth in digital and international markets.

Barington Capital said it owns over 1% of Victoria's Secret's outstanding shares with its affiliates.

A spokesperson from Victoria's Secret told MT Newswires that Barington Capital has not sought to engage with the company. While Victoria's Secret looks forward to discussions with Barington Capital, the company remains confident in its strategy under the new leadership team, the spokesperson said.

Shares of Victoria's Secret were up 2.3% in recent Monday trading.

Price: 18.60, Change: +0.41, Percent Change: +2.25